Do I have to report my Federal Work-Study (FWS) earnings on my tax return or Free Application for Federal Student Aid (FAFSA)?
Your Federal Work-Study (FWS) earnings will be reported on both your tax return and the Free Application for Federal Student Aid (FAFSA). You must report Federal Work-Study earnings as income on your tax return on Wages, Salaries, Tips, etc. (on Form 1040A/1040 Line 7 or Form 1040EZ Line 1) along with any other income you would have reported there as the earnings are reported on Form W-2. You must also report your Federal Work-Study earnings on Worksheet C of the FAFSA. By reporting your FWS earning on Worksheet C, the earnings from your Work-Study position will be excluded from the financial aid formula even though the earning were reported on your tax return. • If the grand total is a positive number, you must report the amount as income on your taxes. Also, enter “SCH” and the amount on the line in between “W-2” the answer for line 7 of the Form 1040A/1040 or line 1 of the Form 1040EZ. • You must also report the grand total on your 2009-2010 Free Application for Federal Student Aid
Related Questions
- Why do I have to submit the Student Aid Report Summary from the Free Application for Federal Student Aid, if the scholarship does not require applicants to be income-eligible?
- Do I have to report my Federal Work-Study (FWS) earnings on my tax return or Free Application for Federal Student Aid (FAFSA)?
- How are FWS earnings handled on the Federal Application For Student Aid (FAFSA)?
